ABBOTSFORD, BC, Dec. 1 /CNW/ - ICS Copper Systems Ltd. (ICX:TSX.V) announces that it has completed a non-brokered private placement approved by the TSX Venture Exchange. The private placement consisted of 1,000,000 units at a price of $0.10 per unit for gross proceeds of $100,000. Each unit is comprised of one common share (a "Share") and one full warrant entitling the holder to purchase a common share until April 2nd, 2010 at a price of $0.12, until April 2nd, 2011 at a price of $0.15, until April 2nd, 2012 at a price of $0.20.
The warrants are subject to accelerated expiry if common shares trade at or above $0.35 in any 20 consecutive trading day periods ending after the date that is four months and a day after the closing. All securities are subject to a hold period expiring April 2nd, 2010.
Proceeds of the private placement will be used by the Company for general working capital.
Zambian EMEW Plant Update
All building materials and equipment are now on site near Kitwe, as well as the 1050 kva generator. It is intended that the 1050 kva generator will provide back up power supply to the plant with excess power generated being sold back to the grid. The leach circuit design was awarded to African Mining Consultants in Zambian who have subsequently prepared the mass balances and flow sheet for the leach circuit and initial equipment list.
An application for environmental compliance in the form of an Environmental Preliminary Brief (EPB) has been submitted to the Environmental Council of Zambia for approval. Once this approval is received we will be able to construct the leach circuit, pour concrete, erect the EMEW building and install the EMEW plant.
ICS COPPER SYSTEMS LTD.
Signed "Graham Chisholm"
Graham Chisholm, President & CEO
This release includes certain statements that are "forward-looking statements". All statements in this release, other than statements of historical facts that address future exploration, development and production activities, and other circumstances, events and developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results, events and developments may differ materially from those in the forward-looking statements. The occurrence of certain risk factors, the probability of which is unknown, may also affect actual results, events and developments expected by the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nubian Resources Ltd.
For further information: For further information: Graham Chisholm, firstname.lastname@example.org, Office: (604) 859-3007, Cell: (604) 302-0746; Jeannette Durand, email@example.com, Web Page: www.icscopper.com